New IT Measures to Handle Black Money Menace
To evade black money in an non-obtrusive manner the IT department has made mandatory that all the Tax Payers have to disclose all their bank account details along with the any foreign travels made during the assessment year 20158-16. The CBDT (central Board of Direct Taxes), the apex body of IT department, has made some additions in the IT Returns form in order to check menace of black money.
The IT return Forms (including ITR – 1 & ITR -2) will here after require an assessee to disclose the all the bank accounts (opened/closed) held by him during the previous year along with the Aadhar Card number & the account balance as on 31st March of the concluding fiscal year. Also the assessee has to disclose all the foreign travels made during the assessment year, including the passport number, the place of issuance of the passport, countries travelled, number of such foreign trips made and particularly if the assessee is an resident taxpayer he has to furnish the expenses incurred from “own sources in relation to such foreign travel”.
The new norms are laid in order to the government efforts to tackle the Black money menace.